Storied venture firm Y Combinator has terminated its association with Medobed, an Indian startup that promises medicine delivery, in 10 minutes after discovering “irregularities” at the firm, several people familiar with the matter told TechCrunch.
A YC partner has also warned many investors in recent days about its discovery of “irregularities” at the firm, and cautioned them to not engage with the startup, according to two people familiar with the matter, and a copy of the email seen by TechCrunch.
In the email, the YC partner said the venture firm “discovered irregularities that broke our ethics policy.”
“If you have anything outstanding with this company,” the YC partner wrote, “our recommendation is to disengage completely with the company.” He added, “they are not longer part of YC, won’t do YC demo day, and, as far as we know, haven’t raised any money as part of this process.”
YC and founders of Medobed, which was initially selected in S23 batch, didn’t respond to requests for comment on August 29.
An investor who had been separately pitched by Medobed said one of the founder’s claims sounded suspicious. The founder kept changing story about his education background and the metrics about the firm’s growth seemed off, said the investor, who requested anonymity speaking.
More to follow.
